As per the scrutiniser’s report with respect to the voting on proposals throughout the Extraordinary Common Assembly (EGM) held on November 21, as many as 99.99 per cent shareholders voted in favour of the “particular decision for difficulty of securities on a preferential foundation”.
The report was submitted as a part of the submitting by the corporate to the inventory exchanges on Tuesday.
VIL is elevating the quantity by fairness convertible debt bonds that carry a coupon price of 11.2 per cent each year payable each six months throughout its time period.
Based on the corporate, the funds raised could be used to pay quantities owed to ATC beneath the grasp lease agreements and for basic company functions.
The utmost time period of the Optionally-Convertible Debentures (OCDs) is eighteen months from the date of difficulty and allotment of the primary tranche of the OCDs.
The OCDs present choices to buyers to transform the debt into fairness in case of non-payment of dues and curiosity inside stipulated timelines.
Earlier, VIL mentioned “the preferential difficulty could be topic to sure situations precedent, together with inter alia the approval of the shareholders of the corporate and the Authorities of India having transformed the curiosity from deferment of Adjusted Gross Income (AGR) nd spectrum dues owed by the corporate”.
VIL has opted for changing about Rs 16,000 crore of curiosity legal responsibility payable to the federal government into fairness, which is able to quantity to round 33 per cent stake within the firm whereas promoters’ holding will come all the way down to 50 per cent from 74.99 per cent
The federal government has given telecom operators an possibility of paying the curiosity for 4 years of deferment on the deferred spectrum installments and AGR dues by the use of conversion into fairness of the NPV of such curiosity quantity.
The federal government is but to transform the debt into fairness.
As on September 30 this yr, the corporate’s complete gross debt, excluding lease liabilities and together with curiosity accrued however not due, stood at Rs 2,20,320 crore.